Your boss has asked for your help with the following revenue transaction. Your company, Intelligence Software Ltd, has entered into a new contract with a customer to provide a software license, perform installation and provide software updates. The contract is valued at $100,000 for the software, S15,000 for the customized installation and $25,000 for ongoing software updates over 5 years. These items can be sold separately. The software was provided to the customer on January 1, 2021. It could be used by the customer immediately, with its functionality improved as the installation is customized to the customer's other software interfaces during the first 6 months of 2021. Software updates are expected to be frequent and critical to the customer's use of the software during 2021-2025. Explain to your boss how and when to record revenue for this contract under ASC606